TL;DR Breakdown Mastercard launched a CBDC Partner Program with blockchain leaders to innovate in digital currencies. CBDCs are digital fiat currencies backed by governments, with 93% of central banks exploring them. The program aims to understand and implement CBDCs safely, signaling a growing interest in digital currencies, Description Mastercard has taken a significant step in the digital currency industry by launching its CBDC Partner Program. The program aims to foster collaboration with key blockchain and payment service industry players to drive innovation and efficiencies in implementing central bank digital currencies (CBDCs). Mastercard convenes leading blockchain and payment providers Mastercard’s CBDC Partner Program aims … Read more Mastercard has taken a significant step in the digital currency industry by launching its CBDC Partner Program. The program aims to foster collaboration with key blockchain and payment service industry players to drive innovation and efficiencies in implementing central bank digital currencies (CBDCs). Mastercard convenes leading blockchain and payment providers Mastercard’s CBDC Partner Program aims to bring a greater understanding of the benefits and limitations of CBDCs and how to implement them in a…

TL;DR Breakdown Elon Musk disclosed SpaceX’s Bitcoin holdings in 2021 following an SEC filing revealing Tesla’s intention to acquire $1.5 billion worth of the crypto. Crypto scams with detailed attention to SpaceX and Elon Musk surge flooding the crypto markets – Be weary. Elon Musk takes a keen look at Vitalik Buterin’s detailed tech report on “Community Notes.” Buterin endorsed X’s “Community Notes” feature emphasizing its relevance and relationship to “crypto values.” Description SpaceX reportedly sold Bitcoin worth approximately $373 million that it acquired beginning in 2021. According to a Wall Street Journal report published on August 17, SpaceX recorded Bitcoin holdings worth $373 million on its balance sheet in 2021 and 2022 but has since sold the cryptocurrency.  According to documents viewed by the news organization, the … Read more SpaceX reportedly sold Bitcoin worth approximately $373 million that it acquired beginning in 2021. According to a Wall Street Journal report published on August 17, SpaceX recorded Bitcoin holdings worth $373 million on its balance sheet in 2021 and 2022 but has since sold the cryptocurrency.  According to documents…

TL;DR Breakdown The crypto market tanked as the benchmark U.S. Treasury yield rose to its highest level in nearly two years. The yields increased the day after the minutes from the Federal Open Market Committee’s (FOMC) July meeting reiterated hawkishness. Ripple (XRP) leads in market decline with the possibility that the SEC appeal could get a green light. Kevin O’Leary suggests that the Fed could continue to raise interest rates because of increased inflation in America. Description Rising U.S. bond yields are likely to blame for today’s downward price trend in the crypto market. Specifically, today’s crypto market is declining as the benchmark U.S. Treasury yield rose to its highest level in nearly two years. According to CoinGecko, the current market cap of all cryptocurrencies is $1.16 Trillion, a change of -3.4% … Read more Rising U.S. bond yields are likely to blame for today’s downward price trend in the crypto market. Specifically, today’s crypto market is declining as the benchmark U.S. Treasury yield rose to its highest level in nearly two years. According to CoinGecko, the current market cap…

TL;DR Breakdown The upcoming BRICS summit in Johannesburg will focus on increasing trade using their national currencies, not replacing the U.S. dollar. The dollar remains a dominant global currency, and BRICS recognizes its prominence. The summit will also discuss potential expansion by inducting more countries into BRICS. While China is keen on rapid expansion, India and Brazil are more cautious. Description The upcoming summit of BRICS – the coalition of Brazil, Russia, India, China, and South Africa – set in Johannesburg, has been generating waves of anticipation. One of the hottest topics surrounding it? The role of the U.S. dollar in global trade. While various speculative narratives have been making rounds, South Africa’s top representative for … Read more The upcoming summit of BRICS – the coalition of Brazil, Russia, India, China, and South Africa – set in Johannesburg, has been generating waves of anticipation. One of the hottest topics surrounding it? The role of the U.S. dollar in global trade. While various speculative narratives have been making rounds, South Africa’s top representative for BRICS relations, Anil Sooklal, has shed…

TL;DR Breakdown Bitcoin’s price drops to $27,900 amid this week’s  FOMC minutes and expected Fed rate hikes. BTC hits 2-month lows as traditional markets grapple with the SPX and technology sectors declining, 10-year interest rates rising and the dollar gaining strength, and China’s credit and economic data deteriorating. The approval of BTC ETFs casts a lot between crypto bears and bulls. Description Bitcoin closed below $29,000 for the first time in 56 days on August 16. As the likely cause, analysts immediately pointed to this week’s FOMC minutes, which expressed concerns about inflation and the need to raise interest rates. Despite the immediate causes of the decline, Friday’s expiration of Bitcoin options worth $580 million has favored … Read more Bitcoin closed below $29,000 for the first time in 56 days on August 16. As the likely cause, analysts immediately pointed to this week’s FOMC minutes, which expressed concerns about inflation and the need to raise interest rates. Despite the immediate causes of the decline, Friday’s expiration of Bitcoin options worth $580 million has favored bear traders. On August 18,…

TL;DR Breakdown The Federal Reserve took enforcement action against Farmington State Bank for improperly changing its business plan related to stablecoins. Farmington has ties to the crypto industry, including an investment from Alameda and a partnership to issue a US+ Stablecoin. The bank consented to the Federal Reserve order, with a related transaction expected to close by August 31, 2023. Description The Federal Reserve has announced an enforcement action against Farmington State Bank, alleging that it improperly changed its business plan without informing the Fed. The action centers around Farmington’s involvement in designing IT infrastructure to facilitate the issuance of stablecoins. Allegations of improper business plan changes: A look at the Fed Reserve claims According to … Read more The Federal Reserve has announced an enforcement action against Farmington State Bank, alleging that it improperly changed its business plan without informing the Fed. The action centers around Farmington’s involvement in designing IT infrastructure to facilitate the issuance of stablecoins. Allegations of improper business plan changes: A look at the Fed Reserve claims According to the Federal Reserve’s Thursday filing, Farmington…

TL;DR Breakdown Russian President Vladimir Putin discussed Iran’s potential inclusion in the BRICS alliance during a call with Iranian leader Ebrahim Raisi. The BRICS group, comprising Brazil, Russia, India, China, and South Africa, is considering expanding its membership. The call also highlighted the commitment to enhance bilateral ties between Russia and Iran in areas like trade, energy, and logistics. Description In a move that has captured global attention, Russian President Vladimir Putin broached the topic of Iran’s potential entry into the influential BRICS consortium during a call with Iran’s leader. This discussion comes as BRICS, an alliance of burgeoning economies, contemplates its expansion, marking a significant moment in the geopolitical theater. A Pivotal Exchange: Putin … Read more In a move that has captured global attention, Russian President Vladimir Putin broached the topic of Iran’s potential entry into the influential BRICS consortium during a call with Iran’s leader. This discussion comes as BRICS, an alliance of burgeoning economies, contemplates its expansion, marking a significant moment in the geopolitical theater. A Pivotal Exchange: Putin and Raisi Dive into Iran’s Ambitions The…

TL;DR Breakdown A sixth Chinese national has been apprehended in Sydney, Australia, as part of an ongoing investigation into a sprawling cryptocurrency scam with ties to the United States.  It is claimed that the suspect employed a combination of traditional bank accounts and cryptocurrency wallets to facilitate the movement of illicit funds, aiming to launder the proceeds of the cryptocurrency scam. Description A sixth Chinese national has been apprehended in Sydney, Australia, as part of an ongoing investigation into a sprawling cryptocurrency scam with ties to the United States. The alleged scam managed to siphon off over $100 million from unsuspecting American victims through a convoluted scheme involving manipulation of cryptocurrency and forex exchanges. The individual in … Read more A sixth Chinese national has been apprehended in Sydney, Australia, as part of an ongoing investigation into a sprawling cryptocurrency scam with ties to the United States. The alleged scam managed to siphon off over $100 million from unsuspecting American victims through a convoluted scheme involving manipulation of cryptocurrency and forex exchanges. The individual in question, a 34-year-old Chinese citizen…

TL;DR Breakdown SHIB tokens dropped 9% after Shibarium network’s launch. Transactions stalled for hours, causing concern. Users couldn’t discuss issues on Discord, leading to more alarm. Shibarium was meant to elevate SHIB beyond its meme coin status. Description The Shiba Inu (SHIB) ecosystem was buzzing with anticipation as the Shibarium network launched. But instead of a triumphant entry, SHIB tokens nosedived by around 9%, catching many investors off guard. Let’s dive into the chain of events that put a damper on what was supposed to be a transformative moment for the SHIB community. … Read more The Shiba Inu (SHIB) ecosystem was buzzing with anticipation as the Shibarium network launched. But instead of a triumphant entry, SHIB tokens nosedived by around 9%, catching many investors off guard. Let’s dive into the chain of events that put a damper on what was supposed to be a transformative moment for the SHIB community. The Shibarium Hiccup Excitement turned to confusion for many SHIB enthusiasts when reports emerged of transactional stalling on the Shibarium network, just hours after its live debut. With a…

TL;DR Breakdown FTX and Genesis have reached a $175 million settlement with Alameda Research, FTX’s trading division. Initially, FTX aimed to reclaim almost $4 billion from Genesis. Description FTX and Genesis have reached an agreement to resolve allegations linked to the continuing insolvencies of both firms. Genesis has committed to paying $175 million to Alameda Research, FTX’s trading division, as part of the settlement. Additionally, Genesis has agreed to relinquish any claims it might have had against the assets of FTX. FTX has … Read more FTX and Genesis have reached an agreement to resolve allegations linked to the continuing insolvencies of both firms. Genesis has committed to paying $175 million to Alameda Research, FTX’s trading division, as part of the settlement. Additionally, Genesis has agreed to relinquish any claims it might have had against the assets of FTX. FTX has been looking to recover funds Following its dramatic collapse orchestrated by its founder Sam Bankman-Fried in November, the cryptocurrency exchange FTX has been actively endeavoring to recover billions of dollars from politicians, hedge funds, and fellow cryptocurrency companies. Initially,…